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Matthew B. Oppenheimer, the Chief Executive Officer of Remitly Global , Inc. (NASDAQ:RELY), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Oppenheimer sold a total of 29,166 shares over two days, January 22 and January 23, 2025. The shares were sold at prices ranging from $23.14 to $23.19, amounting to a total sale value of $675,630. The sale comes as RELY trades near its 52-week high of $23.67, having delivered an impressive 77% return over the past six months. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
These transactions were executed automatically under a pre-established Rule 10b5-1 trading plan. Following these sales, Oppenheimer retains ownership of 4,373,262 shares of Remitly Global, representing a significant stake in the $4.66 billion market cap company. InvestingPro subscribers can access 8 additional key insights about RELY, including detailed valuation metrics and growth prospects, with the company's next earnings report scheduled for February 19, 2025.
In other recent news, Remitly Global Inc. has experienced significant developments. The company reported a 39% jump in Q3 revenue to $336.5 million and a 35% increase in active customers. BMO Capital Markets maintained an Outperform stock rating on Remitly, while Citi analyst Andrew Schmidt lifted the price target for the company to $28, maintaining a Buy rating. KeyBanc Capital Markets also raised its price target for Remitly to $21, following a robust third-quarter performance.
In addition, Remitly entered a consulting agreement with outgoing Executive Vice President Rene Yoakum, which includes benefits such as the vesting of stock options and restricted stock units. These are recent developments that reflect the company's ongoing growth and strategic maneuvers.
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